# ASC 272-10-50: Limited Liability Entities — Overall — 50 Disclosure

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/272/10/#50-disclosure)

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## ASC 272-10-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/272/10/#50-disclosure)

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##### [272-10-50-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-1)

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If the limited liability company does not report the equity of each class of its members separately within the equity section, it shall disclose those amounts in the notes to financial statements (see paragraph [272-10-50-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-3)). If the limited liability company maintains separate accounts for components of members' equity (for example, undistributed earnings, earnings available for withdrawal, or unallocated capital), disclosure of those components, either on the face of the statement of financial position or in the notes to financial statements, is permitted.

##### [272-10-50-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-2)

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As indicated in paragraph [272-10-45-6](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-6), if comparative financial statements are presented, amounts shown for comparative purposes shall be comparable with those shown for the most recent period, or any exceptions to comparability shall be disclosed in the notes to financial statements. Situations may exist in which financial statements of the same reporting entity for periods prior to the period of conversion are not comparable with those for the most recent period presented, for example, if transactions such as spinoffs or other distributions of assets occurred prior to or as part of the limited liability company's formation. In such situations, sufficient disclosure shall be made so the comparative financial statements are not misleading.

##### [272-10-50-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-3)

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Both of the following disclosures shall be made in the financial statements of a limited liability company:

1.  a
    
    A description of any limitation of its members' liability
    
2.  b
    
    The different classes of members' interests and the respective rights, preferences, and privileges of each class. Additionally, as discussed in paragraph [272-10-50-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-1), if the limited liability company does not report separately the amount of each class in the equity section of the statement of financial position, those amounts shall be disclosed.
    

If the limited liability company has a finite life, the date it will cease to exist shall be disclosed.

##### [272-10-50-4](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-4)

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Section 740-10-50 requires specific disclosures relating to accounting for income taxes. Limited liability companies subject to income tax in any jurisdiction shall make the relevant disclosures under that Section.

##### [272-10-50-5](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-5)

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As discussed in paragraph [272-10-50-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-2), if comparative financial statements are presented, additional disclosures may be required.